The Libyan oil minister called on all oil companies working in the country to send back its workers to resume their jobs in a news conference held in the capital Tripoli on Saturday.

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“There’s a mechanism to increase the price in the contracts,” Ghorab told reporters after meeting with Bob Dudley, the CEO of British Petroleum (BP), in Cairo Thursday.
Ghorab said that there were “technical matters” that should be sorted out before the resumption of gas exports to Israel.

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State-run Saudi Aramco signed an initial deal with China’s Sinopec Group to jointly build a $10-billion Yanbu refinery on the Red Sea coast, a pact that further cements ties between the two energy giants.

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Despite official announcements that Egypt was resuming its natural gas supply to Israel on Monday, it didn’t, after a new malfunction reportedly developed.

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Unrest in Libya has cut oil output to about half a million barrels per day from 1.6 million bpd as many foreign and local workers left the oil fields, the country’s top oil official said.

“Oil production went down. Now production is about half a million,” Shokri Ghanem, chairman of Libya’s National Oil Corporation, told a news conference.

“In Libya’s oil industry, fields are scattered in the desert. Many foreign workers panicked and wanted to leave, and Libyan workers too,” he said.

Saudi Arabia’s oil minister on Tuesday denied the surge in oil prices reflects a shortage of crude on the market but said the kingdom is committed to tapping excess supplies if needed.

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Iraq expects to start the first phase of a multibillion-dollar water injection project to help boost crude production rates from its southern oilfields in a month, an Iraqi oil official said on Wednesday.

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Libya’s oil installations are undamaged and a cut in the country’s oil output was caused by shortage of oil workers, the chairman of Libya’s National Oil Corporation said on Tuesday.

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Goldman Sachs Group raised its oil-price forecasts as an increase in production by Saudi Arabia and supply halts in Libya reduce OPEC’s ability to make up for further disruptions.

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Saudi Arabia’s oil minister on Tuesday denied the surge in oil prices reflects a shortage of crude on the market but said the kingdom is committed to tapping excess supplies if needed.

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